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He's not the first and he won't be the last. I suspect we'll see a few more banks "discover" some "rogue traders" as a way of explaining their losses on eurozone sov debt.
"A life, Jimmy, you know what that is? It’s the s*** that happens while you’re waiting for moments that never come." -- Lester Freamon
He's not the first and he won't be the last. I suspect we'll see a few more banks "discover" some "rogue traders" as a way of explaining their losses on eurozone sov debt.
How do you pin sovereign debt on rogue traders in private banks?
How do you pin sovereign debt on rogue traders in private banks?
You don't (publicly). You just say "this one trader is responsible for £170bn of losses on our equities delta one desk" and then book the loss that is actually due to sov debt. Or more likely you lump it in with the real losses that the rogue trader made.
Interestingly the profitable rogue traders never come to light.
"A life, Jimmy, you know what that is? It’s the s*** that happens while you’re waiting for moments that never come." -- Lester Freamon
You don't (publicly). You just say "this one trader is responsible for £170bn of losses on our equities delta one desk" and then book the loss that is actually due to sov debt. Or more likely you lump it in with the real losses that the rogue trader made.
What you are describing is private bank loss, not sovereign debt. Sovereign debt is government debt. Why would a private bank pretend a government deficit is their fault?
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